[Sad Spirit]

half the balance of my mortgage, what do I do if I need to sell? My mortgage balance is $380,000 and similar houses in the neighborhood are listed at $177,000. I lost my job and can't afford the mortgage so wanted to sell, but what happens if I sell for 180K but owe the bank 380K and don't have the balance to pay them with????Would my credit take a hit if I spoke with my bank to help out?I had listed it for rent for 1700 but everyone was trying to ask for less. Between my 1st and 2nd mortg, condo association and property taxes, my monthly payments are about $3200. If I rent it for $1600, that's still a loss of $1600, and I'd have to move into a small apartment and in my area in Orane County, CA apartments start at around $1200 for a 1 bedroom (my condo is 2 bedroom), and anything cheaper than that might not be safe esp for a single woman so I'd still break even with my monthly losses. At this point, it seems like foreclosure is the only route although it would be a very painful path to take and I would be very depressed and my credit ruined. I am very desperate and haven't had any sleep yet all night not knowing what to do!! I hate my life right now.

[donf407]

what a pickle allot of people are in the same boat first thing call your bank they are doing everything they can not to take houses right now maybe they will agree to a short sale(where the bank takes less then owed) or defer payments until you get on your feet the best thing is to keep talking to them good luck